Trump Trade War - Seoul warns of impact on nuclear talks

Shannon Reynolds |Thursday, March 22, 2018

Trump intends to impose duties of 25% on imported steel and 10% on aluminum imports

The Washington Post reported that the USA was preparing to impose $60 billion in annual tariffs against Chinese products to combat the trade deficit between the two countries. Heavy tariffs could raise costs for USA manufacturers, hurt US agriculture and provoke retaliation, they warn.

But Australia accounts for only a tiny share of all US imported steel - $380 million, or just 1.3 percent, in 2017.

Trump Said, "We're going to cut down the deficits one way or the other, we have a deficit with China of at least five hundred billion dollars and when you add an intellectual property, it's much higher than that, that's a year".

Eurasia Group China Director Michael Hirson discusses the problems that may occur if President Donald Trump imposes broad tariffs against the Republic of China.

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Meanwhile, China's Premier Li Keqiang said yesterday that there will be no victor from any trade war between China and the United States, and that he hopes both sides can remain "calm". "But we don't see any specific procedures for doing so", said Clement Leung, Hong Kong commissioner for economic and trade affairs.

"The Chinese economy has deeply integrated into the global economy, closing our doors would mean blocking our own way", he said.

"China does not want to fight a trade war with anyone. But after years of bilateral negotiations with only incremental progress, the USA seems to feel it is left with few options", said AmCham China chairman William Zarit. It makes us feel good.

Expectations of the anti-China tariffs have alarmed dozens of USA business groups, who warned on Sunday they would raise prices for consumers, kill jobs and drive down financial markets.

"We believe these [steps] will bring opportunities for American companies too", he said, while also reiterating a long-standing Chinese request for the United States to ease restrictions on high-tech exports to China.

China's aim, he said, is that both Chinese and foreign companies can compete on level terms, but he also warned that further opening up "will naturally be a step-by-step process". Some people in Germany, he said, are so baffled by what's happening that they hope the whole undertaking by Trump can be postponed.

Trade ministers from Europe and other countries have been seeking to meet with Trump officials in recent days, even as they and business groups in the US and overseas have been waiting for the administration to clarify what it will take for nations to get tariff exemptions.

But the AFL-CIO union federation argues that tariffs are sometimes necessary to counter unfair trade practices, especially if they put American workers at a disadvantage.

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